blog

02. 26. 2018

Banks should understand their customers’ needs to build an outstanding mobile banking app. Not to mention selecting the best method for authentication.

Raising the bar in mobile banking

What features need to be in a killer mobile bank app and which ones don’t? Here are some tips and suggestions from The Financial Brand to make a mobile banking offering blow away the competition.

Consumers want to get a grip on their financial lives, for example, savings and budgeting. This is doubly true for Millennials and Gen Z. Along these lines, banks could add functions to their mobile banking apps that help consumers manage their money more effectively.

Authentication: goodbye chip & PIN?

Consumers aren’t the only ones with their eye on biometrics as a convenient way to secure access to the things they consider important, according to James Stickland, CEO of authentication solutions firm Veridium.

Many banks and governments have already embraced biometric authentication. India and China are already moving to mobile biometric authentication, Europe isn’t far behind, but the US is only now adopting chip & PIN.

Banks are finally going after fintechs

The largest US banks have acquired only 18 fintech startups since 2013, but activity in the last five months has started picking up, CB Insights said in a new report.

The lack of acquisitions over the last few years could be the result of stringent compliance measures, or of banks not wanting to carry inflated goodwill values on balance sheets. But this trend is beginning to change.

One of these truths is that consumers want personal attention. And they also demand digital account opening. Also, investing in digital is more important than investing in physical and multichannel onboarding pays for itself every time, he reckons.